The Arbitrum community is voting on a proposal to expand the Arbitrum Orbit chain to become Multi-Chain. This proposal is currently in the "temperature check" phase on Snapshot from now until August 1, 2024.
Arbitrum Foundation proposes DAO to deploy Arbitrum Orbit to become Multi-Chain
Arbitrum 's DAO Forum is holding a vote to XEM whether to approve the proposal to expand Arbitrum Orbit to Multi-Chain put forward by the Arbitrum Foundation.
Arbitrum Orbit going Multi-Chain? 👀 pic.twitter.com/22UnetTSy0
— 𝗵𝘂𝗻𝘁𝗲𝗿 (@BFreshHB) July 25, 2024
The Arbitrum Orbit expansion proposal was announced and discussed on January 18, 2024. Initially, Arbitrum Foundation will only allow Layer-2 projects on Ethereum to use Arbitrum Orbit. However, the Arbitrum Foundation has received many requests from projects wanting to use the Arbitrum Orbit toolkit on other blockchains such as Bitcoin , Binance Smart Chain and Cosmos . This prompted the Foundation to review existing restrictions and propose changes to allow Orbit chain to be deployed on more diverse blockchain networks. This leads to more Orbit deployments, increasing revenue for the DAO and Arbitrum's ecosystem.
In return, these chain using Arbitrum Orbit must Chia 10% of profits to the Arbitrum ecosystem which includes 8% to ArbitrumDAO and 2% to Arbitrum Developer Guild which are periodically transferred to multisig wallets.
This proposal is currently in the "temperature check" phase on Snapshot and will end on August 1, 2024. Preliminary results show strong community support for the Arbitrum Orbit expansion proposal with more than 99% of votes in favor.
Results of the proposal's voting on Snapshot on July 26
Previously, the Arbitrum Orbit toolkit was also built on another network. In May 2024, Injective 's inEVM protocol integrated Arbitrum 's Orbit toolkit to expand the connection between Cosmos and Ethereum in May 2024.
It is highly likely that we will see Orbit chain deployed on various blockchain networks in the near future. This not only brings significant revenue to ArbitrumDAO and the Arbitrum Developer Guild, but also opens up many new development opportunities for Layer-2 projects across blockchain ecosystems, enhancing seamless interoperability. between blockchains.
Recently, Arbitrum DAO faced a lot of criticism in the community earlier this month. when approving the establishment of a game fund worth 225 million ARB in early June 2024. The latest proposal was released by Arbitrum on June 29, offering a new transaction processing mechanism called Timeboost during the peak of recent Airdrop claims when Arbitrum encountered transaction congestion.
ARB price is fluctuating around 0.72 USD at the time of writing, recovering slightly after a correction of the entire market on the morning of July 25 in which ETH price decreased by nearly 8% from 3,350 USD to 3,150 USD. USD.
1h chart of the ARB/ USDT pair on Binance at 04:35 PM on July 26, 2024
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